It used to be that older Americans managed just fine without taking on debt. No more.

The proportion of older people with debt has been rising over the past decade or so, especially among those 75 and up, according to new research. The trend could place more financial strain on a group of individuals who typically live on fixed incomes, with little opportunity to boost their cash flow.

"We've seen instances of seniors foregoing required medications . . . because they can't afford it," said Lori Lucas, president and CEO of the Employee Benefit Research Institute. "More seniors are carrying debt into retirement than ever before."

The group released a new analysis of Federal Reserve figures showing that nearly 50 percent of retirees ages 75 and up now have some loans outstanding. That's up from 25 percent a generation ago, in 1992. The most significant debt increases have come among lower-income seniors.

The median debt owed by people 75 and up is still fairly modest, at $20,900. That's well below average debts owed by Americans at younger ages.

But people in the 75-plus group typically aren't working, so they don't have many opportunities to boost their incomes. Also, a $20,900 median debt doesn't look so great when you compare it with average Social Security retirement benefits of around $16,400 annually.

Debts for older retirees primarily consist of mortgages, though some people might be turning increasingly to credit cards to make ends meet, said Craig Copeland, a senior research associate for the institute. Student loans account for a tiny fraction of debt for people older than 65, although it has become a growing problem for people in the 55-64 age range, he said.

To the extent that seniors, or others, have credit-card balances or other loans with varying interest rates, the debt trend is worrisome. Many card companies have increased their rates over the past year or so, and rates have risen on home-equity lines of credit.

Less stigma to holding debt

What's driving the increase in senior debt? Many older Americans apparently are willing to borrow money out of a desire to help children or grandchildren financially, Lucas said. Some retirees also might have been encouraged to borrow money in recent years by the prolonged period of low interest rates and the broad availability of credit.

In addition, it appears society has become more accepting of, and accustomed to, having debt.

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"The stigma attached to debt is less and less, so people don't feel as uncomfortable having debt, even though, at advanced ages, it may open them up to financial fragility," Lucas said.

In other words, having more debt raises the vulnerability of borrowers to financial shocks, such as having trouble paying for an unexpected hospital stay or a surprise auto repair.

Rising debt burdens also might encourage some retirees to cut costs where they probably shouldn't, such as by foregoing medications or even meals, she said.

If a person dies with loans outstanding and minimal other assets, it's possible that certain unsecured debts, such as credit-card balances or medical debts, might never be repaid. But that's not a good situation for seniors, especially as the financial strain could continue for years before death.

A different twist on fragility

Financial fragility usually is the result of not having adequate cash reserves on hand. The concept also was raised in a recent study by the Center for Retirement Research at Boston College.

The upshot of that report had a different twist — that today's retirees generally are faring fairly well, from a financial perspective, but that younger generations will be more vulnerable when they reach retirement age.

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2. Live within your means - To keep expenses down, readers suggest to cut back on the "Starbucks effect," which is spending several dollars a day on coffee and fast-food lunches. Other readers admit to being frugal, while others continue to travel regularly but simply prioritize their spending. Getty Images

3. Minimize debt and interest - One reader lives by the following financial rule, "If you can't afford to buy something, then don't buy it." Another reader and his wife made the decision to stop borrowing money, and they suggest joining a credit union if in need of a lower-cost loan. Getty Images

4. Take calculated risks - Stock investing has seemingly become unpopular among the mainstream public, and millions of people would rather keep their money super-secure in bank accounts than risk losing it in the stock market. Diverse portfolios of stocks have repeatedly shown a tendency to appreciate over time, in addition to dividends. In measured doses, stock investing is a calculated risk that more people should take if they hope to build their wealth over time. Getty Images

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The reasons for that pessimistic outlook is that future retirees will derive less of their overall income from traditional pensions, which are becoming less common, and from Social Security. Even assuming Social Security is able to pay all promised benefits down the road, the gradual rise in the full-retirement age from 65 to 67 effectively means younger Americans will need to wait a bit longer to collect full benefits.

Also, the report cited other challenges, such as potentially higher taxes on Social Security benefits for some people and rising Medicare premiums.

Among solutions cited in the report: Downsizing to a smaller home to reduce costs, working longer to boost income, buying annuities to secure steady income and considering a reverse mortgage (if you own a home) to lock in steady income.

In short, future retirees likely will need to rely more on personal savings, such as assets held in Individual Retirement Accounts, workplace 401(k) plans and housing equity, to make up for the decline in guaranteed sources of income.